MQS Management LLC Purchases New Holdings in Ferrari (NYSE:RACE)

MQS Management LLC acquired a new position in shares of Ferrari (NYSE:RACE) during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 1,296 shares of the company’s stock, valued at approximately $609,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Jamison Private Wealth Management Inc. raised its position in shares of Ferrari by 27.2% in the 3rd quarter. Jamison Private Wealth Management Inc. now owns 103 shares of the company’s stock worth $48,000 after purchasing an additional 22 shares during the last quarter. Contravisory Investment Management Inc. lifted its stake in shares of Ferrari by 4.6% in the second quarter. Contravisory Investment Management Inc. now owns 518 shares of the company’s stock worth $212,000 after buying an additional 23 shares in the last quarter. First Citizens Bank & Trust Co. grew its holdings in shares of Ferrari by 3.3% during the second quarter. First Citizens Bank & Trust Co. now owns 787 shares of the company’s stock valued at $321,000 after buying an additional 25 shares during the last quarter. Columbia Asset Management increased its position in shares of Ferrari by 1.8% during the second quarter. Columbia Asset Management now owns 1,425 shares of the company’s stock valued at $582,000 after acquiring an additional 25 shares in the last quarter. Finally, Addison Advisors LLC raised its holdings in Ferrari by 13.6% in the 3rd quarter. Addison Advisors LLC now owns 217 shares of the company’s stock worth $102,000 after acquiring an additional 26 shares during the last quarter.

Analyst Upgrades and Downgrades

RACE has been the subject of a number of research analyst reports. StockNews.com lowered Ferrari from a “buy” rating to a “hold” rating in a report on Wednesday, October 16th. Barclays upgraded Ferrari from an “equal weight” rating to an “overweight” rating in a report on Friday, August 2nd. Morgan Stanley upped their target price on shares of Ferrari from $400.00 to $520.00 and gave the company an “overweight” rating in a research note on Tuesday, August 27th. Evercore ISI lifted their price target on shares of Ferrari from $475.00 to $565.00 and gave the stock an “outperform” rating in a research note on Tuesday, October 22nd. Finally, UBS Group increased their price objective on shares of Ferrari from $478.00 to $513.00 and gave the company a “buy” rating in a research report on Wednesday, November 6th. One research analyst has rated the stock with a sell rating, four have given a hold rating and seven have given a buy rating to the company. According to data from MarketBeat, Ferrari presently has an average rating of “Moderate Buy” and an average price target of $507.14.

Ferrari Stock Performance

Shares of Ferrari stock opened at $437.39 on Wednesday. The company has a current ratio of 4.57, a quick ratio of 3.55 and a debt-to-equity ratio of 0.93. Ferrari has a 1-year low of $330.15 and a 1-year high of $498.23. The company’s fifty day simple moving average is $468.71 and its 200-day simple moving average is $441.97.

Ferrari (NYSE:RACE) last released its earnings results on Tuesday, November 5th. The company reported $2.08 earnings per share for the quarter, missing the consensus estimate of $2.11 by ($0.03). The company had revenue of $1.64 billion for the quarter, compared to analysts’ expectations of $1.80 billion. Ferrari had a net margin of 22.16% and a return on equity of 44.67%. Ferrari’s revenue for the quarter was up 6.5% on a year-over-year basis. During the same quarter last year, the firm posted $1.98 earnings per share. On average, equities analysts anticipate that Ferrari will post 8.75 earnings per share for the current year.

About Ferrari

Ferrari N.V., through its subsidiaries, engages in design, engineering, production, and sale of luxury performance sports cars worldwide. The company offers range, special series, Icona, and supercars; limited edition supercars and one-off cars; and track cars. It also provides racing cars, and spare parts and engines, as well as after sales, repair, maintenance, and restoration services for cars; and licenses its Ferrari brand to various producers and retailers of luxury and lifestyle goods.